HutchMed (China) Limited (HCM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Hutchmed (China) Limited apparaît comme une force pionnière, transformant les limites de la recherche médicale et des thérapies ciblées. Avec une approche axée sur le laser sur l'oncologie et l'immunologie, cette entreprise révolutionnaire tire parti de la biotechnologie de pointe et des collaborations stratégiques pour développer des traitements révolutionnaires qui répondent aux besoins médicaux critiques non satisfaits sur les marchés asiatiques. Leur modèle commercial sophistiqué représente une intersection convaincante de l'excellence scientifique, des partenariats stratégiques et du développement innovant des médicaments, promettant de remodeler l'avenir des solutions médicales personnalisées.

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les sociétés pharmaceutiques

Hutchmed a établi des partenariats pharmaceutiques clés, notamment:

Partenaire	Détails de collaboration	Année
Eli Lilly	Co-développement du Savolitinib pour le cancer du rein	2018
Astrazeneca	Collaboration mondiale pour plusieurs programmes d'oncologie	2019
Janssen Pharmaceuticals	Collaboration HMPL-523 pour l'immunité-oncologie	2017

Partenariats de recherche avec les établissements universitaires

Hutchmed collabore avec plusieurs institutions de recherche:

• Académie chinoise des sciences
• Université d'Oxford
• École de médecine de Harvard
• Université Shanghai Jiao Tong

Accords de licence

Licencié	Médicament / technologie	Conditions financières
Incyte Corporation	Licence HMPL-689	Paiement initial de 40 millions de dollars
Dizal Pharmaceutique	Licence de surfatinib	20 millions de dollars de paiement initial

Coentreprises en oncologie et immunologie

Hutchmed a établi des coentreprises stratégiques axées sur la recherche sur les médicaments:

• Hutchison MedTech Oncology JV
• Alliance de recherche en immunologie en Chine
• Consortium de médecine Shanghai Precision

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: Activités clés

Recherche et développement pharmaceutiques innovants

Hutchmed a investi 234,1 millions de dollars dans les dépenses de R&D pour l'année se terminant le 31 décembre 2022. La société se concentre sur le développement de thérapies en oncologie et en immunologie.

Zone de focus R&D	Montant d'investissement	Nombre de projets actifs
Oncologie	156,7 millions de dollars	8 programmes actifs
Immunologie	77,4 millions de dollars	4 programmes actifs

Essais cliniques pour de nouveaux traitements de cancer et d'immunologie

En 2023, Hutchmed effectuait 12 essais cliniques sur plusieurs étapes.

• Essais de phase I: 3 programmes
• Essais de phase II: 5 programmes
• Essais de phase III: 4 programmes

Compliance réglementaire et processus d'enregistrement des médicaments

Hutchmed a réussi à obtenir 3 approbations de médicaments de la China National Medical Products Administration (NMPA) et 2 de la FDA américaine.

Agence de réglementation	Médicaments approuvés	Année d'approbation
NMPA	3 drogues	2020-2023
FDA	2 médicaments	2021-2022

Commercialisation des produits pharmaceutiques propriétaires

Hutchmed a généré 312,5 millions de dollars de revenus de produits pour l'année 2022, en mettant principalement l'accent sur les traitements en oncologie.

• Surufatinib: approuvé pour les tumeurs neuroendocrines
• Fruquintinib: traitement du cancer colorectal
• HMPL-689: candidat thérapeutique à l'immunologie

Expansion continue du pipeline et découverte de médicaments

La société maintient un robuste pipeline de découverte de médicaments avec 15 programmes de recherche en cours.

Catégorie de recherche	Nombre de programmes	Étape de développement
Oncologie	10 programmes	Préclinique à la phase III
Immunologie	5 programmes	Découverte de la phase II

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: Ressources clés

Installations de recherche et développement avancées

HutchMed exploite des installations de recherche situées à Shanghai, en Chine, avec une infrastructure de recherche et développement totale d'une valeur d'environ 150 millions de dollars en 2023.

Emplacement	Type d'installation	Focus de recherche
Shanghai	Centre de recherche moléculaire	Développement de médicaments en oncologie
Shanghai	Laboratoire de biotechnologie	Recherche d'immunologie

Équipes de recherche scientifique et médicale

Hutchmed emploie 438 membres du personnel de recherche et développement au 31 décembre 2023.

• Tapisseurs de doctorat: 167
• Chercheurs postdoctoraux: 62
• Chercheur spécialisé: 209

Portefeuille de propriété intellectuelle

En 2023, Hutchmed maintient 247 demandes de brevets mondiales et les brevets accordés dans plusieurs zones thérapeutiques.

Catégorie de brevet	Nombre de brevets
Oncologie	124
Immunologie	73
Autres zones thérapeutiques	50

Ressources financières

Le soutien financier de Hutchmed de CK Hutchison implique un capital d'investissement important.

• Total des dépenses de R&D en 2023: 189,4 millions de dollars
• Equivalents en espèces et en espèces au 31 décembre 2023: 647,3 millions de dollars
• Capitalisation boursière de la société mère: environ 3,2 milliards de dollars

Capacités de recherche en biotechnologie

Hutchmed utilise des technologies de recherche moléculaire avancées avec un équipement spécialisé d'une valeur de 42,6 millions de dollars.

Plate-forme technologique	Valeur d'équipement spécialisée
Séquençage génomique	15,3 millions de dollars
Analyse des protéines	12,7 millions de dollars
Systèmes de culture cellulaire	14,6 millions de dollars

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: propositions de valeur

Thérapies ciblées innovantes pour le cancer et les maladies immunologiques

Hutchmed a développé des traitements spécifiques en oncologie et en immunologie avec les principaux points de données suivants:

Médicament	Zone thérapeutique	Étape de développement	Potentiel de marché
Surfatinib	Tumeurs neuroendocrines	Approuvé par la FDA	Marché potentiel de 180 millions de dollars
Savolitinib	Cancer du PRCC	Essais cliniques de phase 3	Marché potentiel de 220 millions de dollars

Concentrez-vous sur les besoins médicaux non satisfaits sur les marchés asiatiques

Hutchmed se concentre sur des zones thérapeutiques spécialisées ayant des besoins importants non satisfaits:

• Traitements du cancer rares
• Solutions d'oncologie de précision
• Thérapies sur les troubles immunologiques

Approches de traitement personnalisées utilisant la médecine de précision

Investissement et capacités de médecine de précision:

Investissement en R&D	Capacités de dépistage génétique	Plateformes de thérapie ciblées
85,2 millions de dollars (2022)	12 plateformes de diagnostic moléculaire	7 approches de thérapie ciblée uniques

Solutions pharmaceutiques de haute qualité avec un impact mondial potentiel

Métriques mondiales de développement pharmaceutique:

• Essais cliniques mondiaux actuels: 14 essais actifs
• Approbations réglementaires internationales: 3 pays
• Portefeuille de brevets: 87 composés moléculaires uniques

Développement de traitements médicaux pertinents localement

Statistiques régionales de développement pharmaceutique:

Région	Développement du traitement local	Pénétration du marché
Chine	6 thérapies développées localement	45% de part de marché dans les segments cibles
Asie-Pacifique	4 traitements spécifiques à la région	28% de pénétration du marché

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Hutchmed maintient les canaux de communication directs avec les professionnels de la santé à travers:

• Interactions d'équipe de liaison médicale ciblée (MSL)
• Présentations de la conférence médicale
• Engagement spécialisé en oncologie et en immunologie du réseau professionnel

Canal de fiançailles	Fréquence d'interaction annuelle	Segment professionnel cibler
Conférences médicales	12-15 événements internationaux	Spécialistes en oncologie
Plateformes éducatives numériques	24 séances de webinaires	Chercheurs en hématologie
Communication scientifique directe	180-220 interactions professionnelles individuelles	Chercheurs en clinique

Programmes de soutien aux patients pour des traitements complexes

Hutchmed fournit un soutien complet des patients à travers:

• Guide de traitement personnalisée
• Programmes d'aide financière
• Surveillance d'adhésion au traitement

Plateformes numériques pour l'information médicale et la consultation

La stratégie d'engagement numérique comprend:

Plate-forme numérique	Utilisateurs actifs mensuels	Fonction primaire
Portail d'information des patients	8 500 utilisateurs enregistrés	Accès aux informations du traitement
Plate-forme de consultation des médecins	425 professionnels de la santé enregistrés	Consultation clinique

Communication des participants à l'essai clinique en cours

Métriques de communication des essais cliniques:

• Essais cliniques actifs: 7 études en cours
• Points de contact de la communication des participants totaux: 1 250 interactions trimestrielles
• Taux de rétention des participants: 87,3%

Rapports transparents de recherche médicale et de développement

La transparence de la recherche implique:

Canal de rapport	Compte de publication annuelle	Visibilité RECHERCHE
Journaux évalués par des pairs	18-22 publications	Communauté scientifique mondiale
Sites Web de recherche d'entreprise	36 rapports de recherche détaillés	Parties prenantes publiques et professionnelles

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: canaux

Ventes directes vers les hôpitaux et les institutions de soins de santé

Hutchmed a rapporté 437 représentants des ventes directes en Chine au 31 décembre 2022, en se concentrant sur la distribution de produits en oncologie et en immunologie. L'équipe de vente directe de la société a couvert environ 320 hôpitaux dans 28 provinces en Chine continentale.

Canal de vente	Nombre de représentants	Couverture géographique
Ventes directes en oncologie	267	18 provinces
Immunology Ventes directes	170	28 provinces

Réseaux de distribution pharmaceutique en Chine

HutchMed a utilisé 12 partenaires de distribution pharmaceutique primaire en 2022, couvrant les principaux marchés de soins de santé urbains et provinciaux.

• Couverture des partenaires de distribution: 95% des villes de niveau 1 et de niveau 2
• Total Distribution Network Reach: 1 200+ institutions de soins de santé
• Volume de distribution annuel: 186 000 unités de traitement

Plateformes d'information médicale en ligne

La société a investi 3,2 millions de dollars dans les plateformes de marketing numérique et d'information médicale en ligne au cours de 2022.

Type de plate-forme	Investissement	Engagement des utilisateurs
Sites Web médicaux professionnels	1,5 million de dollars	42 000 utilisateurs de professionnels de la santé mensuels
Portails d'information des patients	1,7 million de dollars	87 000 utilisateurs mensuels des patients

Présentations de conférence médicale et de symposium

Hutchmed a participé à 47 conférences médicales nationales et internationales en 2022, présentant les résultats de la recherche et les résultats des essais cliniques.

• Conférences nationales présentes: 32
• Conférences internationales présentes: 15
• Présentations totales de recherche: 64

Partenariats avec les fournisseurs de soins de santé régionaux

La société a établi 18 partenariats stratégiques avec les réseaux régionaux de soins de santé en 2022.

Type de partenariat	Nombre de partenariats	Portée géographique
Collaboration de recherche	8	À l'échelle nationale
Réseaux d'essais cliniques	10	Provinces multiples

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: segments de clientèle

Patients en oncologie nécessitant des traitements spécialisés

Hutchmed cible les patients avec des types de cancer spécifiques, en se concentrant sur les besoins médicaux non satisfaits dans les traitements oncologiques.

Type de cancer	Taille du marché des patients (Chine)	Focus de traitement ciblé
Cancer gastrique	429 000 nouveaux cas chaque année	HMPL-689 et surfatinib
Cancer du poumon	815 000 nouveaux cas chaque année	Savolitinib et HMPL-689
Carcinome hépatocellulaire	390 000 nouveaux cas par an	Fruquinib

Patiens des maladies d'immunologie

Hutchmed développe des thérapies ciblées pour des conditions immunologiques complexes.

• Segment de clientèle principal: patients souffrant de troubles auto-immunes
• Concentrez-vous sur les traitements inflammatoires et immunologiques
• Population de patients cibles estimées en Chine: 20 à 25 millions de patients

Professionnels de la santé et oncologues

Hutchmed fournit des solutions de traitement oncologiques et immunologiques spécialisées.

Catégorie professionnelle	Nombre en Chine	Stratégie d'engagement
Oncologistes	52 000 spécialistes	Collaborations d'essais cliniques
Spécialistes de l'immunologie	18 500 professionnels	Programmes de partenariat de recherche

Institutions de recherche et centres médicaux

Hutchmed collabore avec les principales organisations de recherche pour le développement de médicaments.

• Partenariats avec 12 institutions de recherche de haut niveau en Chine
• Budget de recherche collaborative: 45 millions de dollars par an
• Collaborations d'essais cliniques actifs dans plusieurs domaines thérapeutiques

Systèmes de soins de santé gouvernementaux et privés en Chine

Hutchmed s'engage avec les systèmes de santé pour l'approbation et la distribution des médicaments.

Type de système de santé	Pénétration du marché	Engagement réglementaire
Système de santé gouvernemental	Couverture de 85% dans les zones urbaines	Conformité réglementaire NMPA
Réseaux de soins de santé privés	15% de part de marché	Distribution pharmaceutique directe

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Hutchmed a déclaré des dépenses de R&D de 251,1 millions de dollars pour l'exercice 2022, ce qui représente un investissement important dans l'innovation pharmaceutique.

Année	Dépenses de R&D	Pourcentage de revenus
2022	251,1 millions de dollars	76.4%
2021	224,3 millions de dollars	72.9%

Gestion des essais cliniques et frais d'exécution

Les dépenses des essais cliniques pour Hutchmed en 2022 étaient d'environ 180,5 millions de dollars, couvrant plusieurs programmes d'oncologie et d'immunologie.

• Essais cliniques en cours dans plusieurs domaines thérapeutiques
• Programmes de développement clinique mondial
• Investissements d'essai de phase II et de phase III

Frais de conformité réglementaire et d'enregistrement

Les coûts de conformité réglementaire pour Hutchmed ont été estimés à 45,3 millions de dollars en 2022, couvrant la FDA et les soumissions réglementaires chinoises.

Région réglementaire	Frais de conformité
États-Unis	27,6 millions de dollars
Chine	17,7 millions de dollars

Infrastructure de fabrication et de production

Les investissements sur les infrastructures de fabrication ont totalisé 92,7 millions de dollars en 2022, soutenant le développement des médicaments et la commercialisation potentielle.

• Installations de fabrication pharmaceutique
• Infrastructure de contrôle de la qualité
• Investissements technologiques de production

Investissements d'acquisition et de rétention de talents

Les investissements en capital humain pour Hutchmed ont atteint 63,4 millions de dollars en 2022, en se concentrant sur des talents scientifiques et de recherche spécialisés.

Catégorie des employés	Investissement
Chercheur	38,2 millions de dollars
Développement clinique	25,2 millions de dollars

Hutchmed (China) Limited (HCM) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Au cours de l'exercice 2022, Hutchmed a déclaré un chiffre d'affaires total de 186,6 millions de dollars. Répartition spécifique des ventes de produits pharmaceutiques:

Produit	Revenus ($ m)
Orpathys (surfatinib)	37.4
Éluné (fruquintinib)	84.2

Accords de licence et de partenariat

Détails des revenus clés de l'octroi de licences pour 2022:

• Collaboration AstraZeneca: 200 millions de dollars de paiement initial
• Payments d'étape potentiels jusqu'à 1,4 milliard de dollars
• Redevances sur les ventes futures potentielles

Grants de recherches et collaborations

Revenu de collaboration de recherche pour 2022: 12,3 millions de dollars

Revenu des redevances potentielles

Drogue	Range potentielle de redevances
Savolitinib	10-15% des ventes nettes
Orpathys	15-20% des ventes nettes

Paiements d'étape

PARTAGNEMENT STRATÉGIQUE PAYSEMENTS MALESTES en 2022: 45,7 millions de dollars

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Value Propositions

HUTCHMED (China) Limited offers targeted therapies and immunotherapies addressing significant unmet needs in oncology and immunology.

Innovative, targeted oral therapies for difficult-to-treat cancers (e.g., ORPATHYS®)

• ORPATHYS® (savolitinib) secured China approval for its third lung cancer indication on June 30, 2025.
• ORPATHYS® in-market sales in China for the full year 2024 were $45.5 million.
• HUTCHMED recognized a regulatory milestone payment of $11.0 million from AstraZeneca following the June 2025 China NDA approval for ORPATHYS® combined with TAGRISSO®.

Chemotherapy-free combination treatment options for lung cancer patients

The combination of ORPATHYS® and TAGRISSO® is positioned as the only oral, chemotherapy-free approach for a sizable patient segment, estimated at approximately ~30% of EGFRm NSCLC patients following progression on an EGFR tyrosine kinase inhibitor.

Global development of novel drugs originating from China

HUTCHMED is focused on globalizing its pipeline, evidenced by the success of its fruquintinib franchise:

Metric	Product/Region	Value (H1 2025)	Comparison/Context
In-market Sales	FRUZAQLA® (ex-China)	$162.8 million	Up 25% compared to H1-24 ($130.5m)
Revenue	ELUNATE® (China)	$43.0 million	Reflecting competitive pressures
Total Oncology/Immunology Consolidated Revenue	All Products (H1 2025)	$143.5 million	Including milestone and service income

Potential for superior efficacy and safety via the new ATTC platform

The next-generation Antibody-Targeted Therapy Conjugate (ATTC) platform is moving rapidly toward clinical application. HUTCHMED plans to initiate global clinical trials for its lead candidate, HMPL-A251, around the end of 2025.

• HMPL-A251 is a PAM-HER2 ATTC utilizing a PI3K/PIKK inhibitor payload.
• The platform is expected to lead to collaboration and licensing opportunities in the future based on positive initial responses from potential partners.

Addressing unmet medical needs in oncology and immunological diseases

The commitment to discovery and development is supported by a strong financial position, allowing for continued investment despite streamlining efforts. R&D investment in China for the first half of 2025 was $64.4 million, with total R&D Expenses reduced by 24% to $72.0 million (H1-24: $95.3m).

The Company maintained a robust balance sheet as of June 30, 2025, with a cash balance of $1.36 billion.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Customer Relationships

You're looking at how HUTCHMED (China) Limited builds and maintains its critical connections across partners, doctors, and patients. It's a multi-pronged approach, balancing global strategy with deep local execution in China.

Strategic, long-term co-development relationships with global pharma partners.

HUTCHMED (China) Limited structures its external development around established, long-term collaborations. For instance, the agreement with AstraZeneca for savolitinib (ORPATHYS® in China) has already resulted in $91 million in upfront, development, and approval milestones paid to HUTCHMED (China) Limited. More recently, an approval in June 2025 triggered an additional $11.0 million milestone payment from AstraZeneca. The partnership with Eli Lilly for fruquintinib involves sharing future development costs in China and entitles HUTCHMED (China) Limited to up to double-digit royalties upon commercialization. Outside of China, Takeda, marketing FRUZAQLA®, reported sales up 25% to $162.8 million in the first half of 2025. Furthermore, the company is actively cultivating relationships for its new Antibody-Targeted Therapy Conjugates (ATTC) platform, with initial responses from potential partners being very positive, aiming to initiate China and global clinical trials for the first ATTC candidate around the end of 2025.

These relationships are formalized through specific agreements:

• Global licensing, co-development, and commercialization with AstraZeneca for savolitinib.
• Licensing, co-development, and commercialization in China with Eli Lilly for fruquintinib.
• Collaboration with Ipsen subsidiary Epizyme for tazemetostat in Greater China.
• Partnerships with ImageneBio and Miragene for IMG-007 and IMG-004, retaining up to double-digit royalties.

Direct, science-driven engagement with oncologists and specialists in China.

The company relies on a substantial, dedicated internal sales force to connect directly with the Chinese medical community. This team is built for science-driven conversations, which is key in targeted therapy. You should note the scale of this direct engagement:

Metric	Number as of Late 2025 Data
Oncology-Specialized Salespeople	Approximately 740
Provinces and Municipalities Covered	30
Key Hospitals and Cancer Centers Covered	Approximately 3,200
Oncology Physicians Reached	Over 22,000+

This team is currently responsible for the commercialization of three approved oncology drugs in China: ELUNATE® (fruquintinib), SULANDA® (surufatinib), and TAZVERIK® (tazemetostat). Still, competition is felt; in-market sales in China for ELUNATE®, SULANDA®, and ORPATHYS® decreased in the first half of 2025 compared to the first half of 2024, contributing to a total in-market sales drop of 4% for those products.

Investor relations and transparent R&D updates to the financial community.

HUTCHMED (China) Limited provides regular, detailed updates to ensure the financial community understands the pipeline and commercial trajectory. For example, the management hosted the 2025 Interim Result Presentation on August 7, 2025. The company reported a record high net income attributable to HUTCHMED of $455.0 million for the first half of 2025, significantly boosted by a $416.3 million divestment gain from a partial joint venture disposal. The cash balance as of June 30, 2025, stood at $1.36 billion. The updated full year 2025 guidance for Oncology/Immunology consolidated revenue was set between $270 million - $350 million. As of November 28, 2025, the stock was trading at $2.94, reflecting a market capitalization of $2.53B.

Key investor touchpoints include:

• Announcing 2024 final results on March 19, 2025.
• Hosting the 2025 Interim Result Presentation on August 7, 2025.
• Providing R&D updates, such as anticipating data readout for the surufatinib PDAC Phase II trial in late 2025.

Patient access programs via inclusion on national reimbursement lists.

Securing national reimbursement is vital for patient access in China, where, as of the end of 2024, about 95% of the population, or 1.33 billion people, had basic medical insurance coverage. HUTCHMED (China) Limited successfully renewed contracts for its key products:

Drug Name	Reimbursement Status (Effective Jan 1, 2026)	List Type
ELUNATE® (fruquintinib)	Continued Inclusion	National Reimbursement Drug List (NRDL)
ORPATHYS® (savolitinib)	Continued Inclusion	National Reimbursement Drug List (NRDL)
SULANDA® (surufatinib)	Continued Inclusion	National Reimbursement Drug List (NRDL)
TAZVERIK® (tazemetostat)	Inclusion	National Commercial Health Insurance Innovative Drug List

Inclusion on the NRDL is subject to renewal every two years. The establishment of the new Commercial Insurance Drug List in July 2025 creates a multi-level system to cover medicines with high innovation that fall beyond basic insurance scope.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Channels

You're looking at how HUTCHMED (China) Limited gets its value propositions to the customer, which involves a mix of direct selling in China and leveraging global partners outside of it. It's a dual-pronged approach to market access, which is critical in the pharma space.

The ex-China commercial channel relies heavily on established partners. For instance, the fruquintinib partnership with Takeda is a prime example of this channel strategy. Takeda holds the exclusive worldwide license to develop, commercialize, and manufacture fruquintinib outside mainland China, Hong Kong, and Macau, where it is marketed as FRUZAQLA®.

The direct commercial channel in China is focused on proprietary sales and marketing staff targeting key prescribers for their in-house marketed drugs. HUTCHMED has been actively optimizing this structure; for example, in the first half of 2025, the company stated it has streamlined its sales force to establish a more efficient commercial organization and enhance productivity.

Market access within China is heavily influenced by government inclusion programs, which act as a massive channel for volume. The continuation of key products on these lists is a major channel validation event.

For pipeline advancement, the channel involves global clinical trial sites, which are essential for gathering the data needed for future regulatory submissions and commercial launches worldwide.

Here is a breakdown of the key channel metrics and status as of late 2025:

Channel Component	Metric/Status	Data Point/Value
Partner Commercial Network (Ex-China)	FRUZAQLA® (Fruquintinib) Net Sales by Takeda (H1 2025)	$162.8 million
Partner Commercial Network (Ex-China)	FRUZAQLA® (Fruquintinib) Net Sales by Takeda (2024)	$290.6 million
Partner Commercial Network (Ex-China)	Geographical Coverage for FRUZAQLA® (as of H1 2025)	Over 30 countries, including over 10 new markets in 2025
Direct Commercial Sales Force (China)	Total Personnel (as of Nov 2025)	1,811 total employees
Direct Commercial Sales Force (China)	Oncology/Immunology Personnel (as of mid-2024)	About 1,800
NRDL/Reimbursement Channel	NRDL Inclusion Effective Date (ELUNATE®, ORPATHYS®, SULANDA®)	January 1, 2026
NRDL/Reimbursement Channel	China Population with Basic Medical Insurance (End of 2024)	1.33 billion people, representing about 95%
Pipeline Development Channel	Total Clinical Stage Investigational Drug Candidates (as of Oct 31, 2025)	More than ten

The key elements supporting the China commercial channel are:

• Inclusion of ELUNATE®, ORPATHYS®, and SULANDA® on the NRDL effective January 1, 2026.
• Inclusion of TAZVERIK® in the first edition of the National Commercial Health Insurance Innovative Drug List.
• ORPATHYS® secured a third China approval on June 30, 2025, making it eligible for potential national reimbursement negotiation.
• HUTCHMED has been focusing on a more efficient commercial organization following streamlining of its sales force.

The global clinical trial channel is actively progressing late-stage assets:

• Recruitment for the SAFFRON global Phase III study (savolitinib) is expected to complete in late 2025.
• Data readout for the Phase II part of the SULANDA® (surufatinib) Phase II/III trial for metastatic pancreatic cancer is targeted for the second half of 2025.
• HUTCHMED plans to advance its lead ATTC candidate, HMPL-A251, into clinical development starting in late 2025.

For the ex-China channel, the partnership with Takeda for FRUZAQLA® (fruquintinib) has been a significant revenue driver, including a $20 million milestone payment received in late 2024 after Takeda's net sales surpassed $200 million for the nine months ending September 2024. This partnership also saw Takeda's in-market sales grow by 25% in the first half of 2025.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Customer Segments

You're looking at the patient populations and partners HUTCHMED (China) Limited targets with its innovative therapies, which is the core of their business now that they've streamlined operations.

HUTCHMED (China) Limited focuses its commercial and development efforts on specific patient groups where their in-house discovered medicines, or those developed with partners, offer a differentiated treatment option. This focus is sharpened following the January 2025 divestment of its 45% equity interest in Shanghai Hutchison Pharmaceuticals Limited (SHPL) for approximately US$608 million (RMB4,478 million) in cash, allowing a pivot to core oncology and immunology assets.

The primary customer segments are:

• Oncology patients in China with specific genetic markers or tumor types.
• Global oncology patients reached through commercial partners.
• Patients with chronic immunological diseases, particularly ITP.
• Other pharmaceutical companies looking to access or partner on China-originated assets.

The company has its first three medicines marketed in China, with the first one also approved in key global markets.

Oncology Patients in China with Metastatic Colorectal Cancer, NSCLC, and Neuroendocrine Tumors

This segment is served by medicines like ELUNATE®, ORPATHYS®, and SULANDA®, all included on the updated National Reimbursement Drug List (NRDL) effective January 1, 2026. For Non-Small Cell Lung Cancer (NSCLC), ORPATHYS® (savolitinib) in combination with TAGRISSO® targets EGFRm NSCLC patients with MET amplification after progression on EGFR inhibitor treatment, a population representing a sizable percentage, approximately ~30%, of these patients. For Neuroendocrine Tumors (NETs), SULANDA® is indicated for progressive non-functional well-differentiated NETs. The China sales for ELUNATE® (fruquintinib China) reached $43.0 million in the first half of 2025.

Global Oncology Patients in Markets like the US, EU, and Japan via Partners

Global reach is primarily driven by partnerships, most notably with Takeda for FRUZAQLA® (fruquintinib ex-China). In-market sales for FRUZAQLA® by Takeda were up 25% to $162.8 million in the first half of 2025, expanding coverage to more than 30 countries. Reimbursement was secured in the US and Japan in 2024, and a positive recommendation for NHS reimbursement in England and Wales was received in July 2025. HUTCHMED's first medicine is approved in the US, Europe, and Japan.

Patients with Immunological Diseases like Chronic Primary Immune Thrombocytopenia (ITP)

HUTCHMED (China) Limited retains worldwide rights to sovleplenib for ITP. The patient population size provides the scale for this segment:

Region	Primary ITP Patient Estimate	Basis
China	Approximately 110,000 patients	Prevalence of 9.5 per 100,000 adults.
US, Germany, France, Italy, Spain, UK, and Japan	56,000 patients	Prevalence of 9.5 per 100,000 adults.
Other Major Pharma Markets (Excluding China)	As many as 145,000 patients	Estimated chronic ITP patients.

The China Phase III trial (ESLIM-01) for sovleplenib in primary ITP enrolled 188 adult patients. The New Drug Application (NDA) for sovleplenib in China is targeted for resubmission in the first half of 2026.

Multinational Pharmaceutical Companies Seeking Novel China-Originated Assets

This segment involves strategic alliances for co-development and commercialization, evidenced by financial transactions and milestone payments. For example, the China NDA approval for ORPATHYS® combined with TAGRISSO® triggered a $11.0 million milestone payment from AstraZeneca. Furthermore, HUTCHMED's focus on its core pipeline, including the Antibody-Targeted Therapy Conjugate (ATTC) platform with its lead candidate HMPL-A251, is designed to attract future collaboration and licensing opportunities.

The company's Oncology/Immunology consolidated revenue, including milestone and service income, was $143.5 million for the first half of 2025. The full-year 2025 guidance for Oncology/Immunology consolidated revenue is set between $270 million and $350 million.

Finance: review cash runway against planned ATTC global development spend by next week.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Cost Structure

You're looking at the cost side of HUTCHMED (China) Limited's operations as of late 2025, based on the first half of the year's performance. Honestly, the numbers show a clear focus on efficiency while pushing forward the pipeline.

The total Net Expenses for the six months ended June 30, 2025, were reported at $239.0 million, which was a reduction from $279.9 million in the same period last year, showing strong cost control efforts. This aggregate figure is composed of several key areas that drive the business.

The breakdown of these expenses highlights where the capital is being deployed:

• Significant R&D expenditure for clinical trials and discovery programs.
• Costs associated with accelerating the global ATTC platform development.
• Manufacturing costs and cost of goods sold for commercial products.
• Sales, General, and Administrative (SG&A) expenses for the China commercial team.
• Costs related to regulatory filings and global market approvals.

Here's a look at the primary reported expense categories for the six months ended June 30, 2025:

Cost Category	H1 2025 Amount (US$ Millions)	H1 2024 Amount (US$ Millions)
Total Net Expenses	239.0	279.9
Cost of Revenue	167.6	180.1
Research and Development (R&D) Expenses	72.0	95.3
Selling, General, and Administrative (SG&A) Expenses	41.6	57.8

Significant R&D expenditure for clinical trials and discovery programs.

R&D Expenses saw a notable reduction, coming in at $72.0 million for the first half of 2025, down 24% from $95.3 million in H1 2024. This reduction reflects lower costs from completed studies that are now under New Drug Application (NDA) review or already achieved NMPA approval in H1 2025. The investment was split geographically:

• R&D investment in China was $64.4 million (H1 2024: $80.4m).
• R&D investment outside China reduced to $7.6 million (H1 2024: $14.9m) as global R&D operations integrated with China.

Costs associated with accelerating the global ATTC platform development.

While a specific line item for ATTC acceleration costs isn't broken out, the overall R&D spend supports this. HUTCHMED plans to initiate China and global clinical trials for its first Antibody Targeted Therapy Conjugate (ATTC) drug candidate around the end of 2025. The company stated it will leverage its strong cash resources to accelerate this global development. The prior year's R&D spend of $212.1 million for the full year 2024 included an ongoing commitment to key assets with global potential, including the next-generation ATTC platform.

Manufacturing costs and cost of goods sold for commercial products.

This is captured under Cost of Revenue, which was $167.6 million for H1 2025, a 7% decrease from $180.1 million in H1 2024, mainly due to lower Oncology/Immunology revenue. The cost of revenue as a percentage of oncology product revenue remained stable at 39% for the period.

Sales, General, and Administrative (SG&A) expenses for the China commercial team.

SG&A Expenses for the period were $41.6 million, down from $57.8 million in H1 2024. This reflects streamlining efforts, such as the streamlining of the China salesforce to establish a more efficient commercial organization and enhance productivity, as noted following intensifying competitive pressures for ELUNATE®, SULANDA®, and ORPATHYS® in China.

Costs related to regulatory filings and global market approvals.

Costs for regulatory filings are embedded within the R&D Expenses. The decrease in R&D spend in H1 2025 to $72.0 million reflects lower costs from studies already under NDA review or approved, such as the ORPATHYS® second-line NSCLC indication approved in H1 2025. Furthermore, the company has a contingent liability related to the divestment of its non-core joint venture, SHPL, where HUTCHMED guarantees a minimum net profit growth of SHPL of at least approximately 5% annually, subject to total compensation not exceeding approximately US$95 million over a three-year transition period.

Finance: draft 13-week cash view by Friday.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Revenue Streams

HUTCHMED (China) Limited (HCM) revenue streams in late 2025 are characterized by a mix of product commercialization, strategic partnerships, and significant one-time financial events.

The H1 2025 consolidated revenue reached $277.7 million. For the full year 2025, the guidance for Oncology/Immunology consolidated revenue was adjusted to a range of $270 million - $350 million.

Revenue Component (H1 2025)	Amount (USD)	Source/Context
Consolidated Revenue	$277.7 million	Six months ended June 30, 2025
Oncology/Immunology Consolidated Revenue (Total)	$143.5 million	Including milestone and service income
ELUNATE® Revenue	$33.6 million	Manufacturing revenue, promotion/marketing services, and royalties
FRUZAQLA® Revenue (ex-China)	$43.1 million	Royalties and manufacturing revenue from Takeda
ORPATHYS®/AstraZeneca Milestone Payment	$11.0 million	Triggered by China NDA approval
Other Revenue (includes milestone)	$14.9 million	H1 2025 Other revenue
One-time Gain from SHPL Divestment (Net Income Contributor)	$416.3 million	Recognized in H1 2025 net income

Product sales revenue from self-marketed drugs in China contributes significantly, though facing market pressures.

• ELUNATE® revenue for H1 2025 was $33.6 million, a decrease from $46.0 million in H1 2024.
• SULANDA® in-market sales for the full year 2024 were $49.0 million, with market share reaching 27%.

Royalties and manufacturing revenue from partnered products show global traction.

• FRUZAQLA® revenue (ex-China) was $43.1 million in H1 2025, reflecting royalty growth.
• Global in-market sales for FRUZAQLA® by Takeda reached $162.8 million in H1 2025, up 25% year-over-year.
• ORPATHYS® in-market sales in China were impacted by competition, though a new indication approval was secured on June 30, 2025.

Milestone payments from licensing agreements provide lumpy but substantial non-operating income.

• A milestone payment of $11.0 million was received from AstraZeneca in H1 2025 following the China NDA approval for ORPATHYS® combined with TAGRISSO®.
• Total Other revenue, which includes this milestone, was $14.9 million in H1 2025.

A major, non-recurring financial event boosted the period's bottom line, though not strictly operating revenue.

• A one-time gain from the partial divestment of SHPL, net of tax, contributed $416.3 million to the H1 2025 net income.
• HUTCHMED (China) Limited (HCM) reported a total net income attributable of $455.0 million for H1 2025.